#foreign investment

Once signed by the President, the abovementioned sectors are no longer restricted to 40% foreign ownership as stated in the Constitution. Any foreign company can directly invest in the Philippines in any of these sectors and be able to control 100% of its operation. With this, it is possible for a new foreign telco to enter and compete in the Philippines without the restriction previously imposed in this sector (i.e, that it should be at least 60% Filipino owned and controlled). In short, more competition especially from foreign players. Foreign investors can build their own airports, railways, and skyways and then operate and own 100% of it all. The investment round includes existing investors Sony Group Corporation and KIRKBI—the family-owned holding and investment company behind The LEGO Group—with each investing USD 1 billion. “This investment will accelerate our engagement in the world of digital play, and we are pleased to be investing in Epic Games to support their continued growth journey, with a long-term focus toward the future metaverse,” said KIRKBI CEO Søren Thorup Sørensen. Epic has a post-money equity valuation of USD 31.5 billion and the closing of the investment is subject to customary closing conditions, including regulatory approvals. Read more in our articles including "Telco, airlines, railways, airports no longer public utilities under amended PSA" and "Sony, KIRKBI invest USD 2B in Epic Games".